On March 10, the benchmark index gained 1.5 per cent, and the market continued to rise for the third consecutive session on lower commodity prices, global positive indications and the victory of the Bharatiya Janata Party in four of the five states.
The BSE Sensex was up 817 points at 55,464 and the Nifty was up 249 points at 16,595. However overall sell off at highs were visible throughout the market.
According to the pivot charts, the Nifty's major support level is at 16,443 and then at 16,291. If the index moves up, the key resistance levels to watch out for are 16,752 and 16,909.
Let’s take a look at a few stocks to consider in the coming days.
1. Hero MotoCorp
As you can see from the chart, the stock is in a good support zone. Stock can be considered for a swing trade if it gets above this week’s closing support level.
Since crude oil prices soared from last week, we have witnessed a good fall in Auto Sector.
2. Auro Pharma
The stock is currently trading around 40% below its 52 week high. The stock can be seen rising from the support as per the chart.
It is likely to see a buying in stock if the reversal shows are maintained.
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3. Royal Orchid Hotel
We have discussed these levels last time as well. The stock is currently out of its consolidation pattern. The volume can be seen to increase.
Expect a good move in stock if it can stay above this level in the coming days.
I am not a SEBI Registered Analyst, so use all the information given here for study. Consult with your Finance Manager before taking trades.
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